Procter & Gamble Tops 4Q Street Estimates
Procter & Gamble (PG) posted stronger-than-expected 4Q earnings. EPS of $1.16 beat analysts’ estimates of $1.01. Revenues of $17.7 billion were ahead of consensus estimates of around $17 billion.
A surge in the demand for essential products amid the coronavirus pandemic helped drive Procter & Gamble’s quarterly sales. Looking beyond the reported quarter, the company continues to expect high demand for its products, even after lockdown restrictions ease.
For fiscal 2021, the company expects organic sales growth of 2% to 4%, and earnings growth of 6% to 10%. Analysts forecast EPS growth of 2.1% in fiscal 2021.
On July 27, Jefferies analyst Kevin Grundy raised his price target on Procter & Gamble to $148 (15.4% upside potential) from $140. Grundy pointed to strength in the U.S. and China as well as currency weakness.
Currently, the Street has a cautiously optimistic outlook on the stock. The Moderate Buy analyst consensus is based on 2 Buys and 3 Holds. The average price target of $131.50 implies upside potential of 2.5%. (See PG stock analysis on TipRanks).
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